What does the latest UK budget and new UK Pension / Annuity Rules mean for buyers / sellers of foreign property? Here’s an interesting post-budget reaction from Opps about cashing in pensions to invest in property. Good or Bad?
In a boost to the UK housing market, Chancellor George Osborne announced that Help to Buy ISAs will be introduced to help first-time buyers save for a deposit. For every £200 they save, the government will top it up with £50.
But were no other major announcements in the Budget directly affecting the housing sector, apart from confirmation of plans for 20 new housing zones.
Turning to the economy, Mr Osborne says the squeeze on public spending will end earlier than planned due to stronger growth and low inflation, as the Office for Budget revised its growth forecast for 2015 up 0.1% to 2.5% and for 2016 from 2.2% to 2.3%.
Focusing on pensions, Mr Osborne confirmed the Government will give five million pensioners increased access to their savings.
Louise Reynolds, Director of award-winning, Overseas Estate Agency, Property Venture, says pensions should seek professional advice when considering investing in property.
“In a budget taking the country from ‘austerity to prosperity’ pension savers need to ensure they don’t put themselves into ‘austerity’ with reforms announced to extend pension access to Annuity-holders.
“It is a sad indictment of the industry, but we are likely to see a rise of the get-rich-quick brigade entering the property market, to wax lyrical about the advantages of investing in property, as an alternative way to invest liberated pension pots… read more on Opps